Evolution of the New Age Accountant
Since inception, the accounting career and profession encompasses significant evolution in principle and practices. The decade old manual bookkeeping systems to maintain financial records sometimes with handwritten ledgers and hefty paper works has been partially replaced by use of computers and software like QuickBooks to some extent. This resulted in a generation of stereotyped but hard-working accountants. Now, we are at the doorstep of tremendous technological metamorphosis in every sphere including the professional accounting domain. Keeping this in mind, today’s challenge for accounting professionals is a demand of transformation from a hard-working accountant to a new age “Smart accountant” par se.
Let us discuss the main pillars to accept such challenges through digitization and recent advancements in accounting technologies which a new age smart accountant must be familiar with.
Cloud Computing
Cloud -based solutions bypass traditional installation of accounting software in individual computers. Here, it is hosted by third- party servers where accountants have accessibility through web browsers with automatic saving of back-up data in the cloud. This is cost-effective for the companies, highly scalable and can be operated from any compatible device from any location.
Robotic Process Automation (RPA)
This replaces human intervention for repetitive accounting tasks through automation. This includes generation and scanning of invoices, detection of variances in financial records and response to vendor inquiries etc. Finally, it reduces human error also.
Machine Learning
Here comes the use of algorithms in various models which enormously help to handle vast data sets with smooth transaction processes and real-time data predictability -a boon for a new age smart accountant.
Data Analytics
This amalgamation of software, tools and statistical procedures create in depth insights into the financial status and prediction through effective analytics. The various analytical tools help in problem solving, risk assessment, performance monitoring and forecasting etc. Through this, a new age smart accountant can design business strategies based on data analytical decisions.
Artificial Intelligence
Artificial intelligence (AI) is invading the accounting field at a great pace and revolution. It can manage and analyze huge data in a short period, can replace repetitive accounting jobs thus saving time and provide the new age smart accountant to focus more on critical thinking and strategic decision -making abilities.
Cybersecurity
This newly advancing technology helps the new age smart accountant to keep the sensitive data safe and protect from fraud and criminal activities.
Summary
As we are experiencing, enchanting technological developments are influencing the accounting profession at a great pace and remodeling the accounting industry to newer shape. Hence, to cope with this revolutionary process and to make the conventional accounting job future proof, conversion of hard-working accountant to a new age smart accountant is the need of the hour. One of the ways to achieve this is fetching a good international professional credential in the academic accounting portfolio to become a New-age Smart Accountant.
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